Some tips on how to reduce your business costs:
1. It's less expensive to process transactions electronically in card present situations. The interchange rate for card present transactions is lower than card not present. If you have EFTPOS capability you can also accept debit cards which are cheaper to process.
Debit cards usually replace cash and cheques. Cash handling accounts for an estimated 1% of total costs while cheque clearance, dishonour fees and debt recovery account for a further 5%. You'll also make fewer trips to the bank if you offer cash out to your customers, and your customers will appreciate the extra service.
2. Credit card acceptance merchant fees can be 30% cheaper than charge cards acceptance costs. You can be sure that nearly every customer will have an alternative to these charge cards in their wallet. Simply display decals announcing which cards you prefer to accept.
3. Research confirms that customers typically spend more when they use a credit card and the display of decals is likely to have an immediate positive impact on your sales and profitability.
4. Always remember, identification is up to you. When you get authorisation from us, we check the validity of the card and the availability of the funds. We cannot check that the card is being used by the real cardholder - that's up to you.